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Fannie Mae to Include Rent History in Mortgage Approval

MortgageThe Sharpe Mortgage Team is committed to providing you each week with helpful information on topics such as the local market, home trends, homebuying tips, and more. This week we shared information on the latest mortgage and real estate news as well as on the difference between pre-approval and pre-qualification. Read more on these topics below.

Fannie Mae to Include Rent History in Mortgage Approval

Fannie Mae aims to make loans more accessible to homebuyers by including rent payments as part of the mortgage approval process. This action is intended to help borrowers with limited credit histories have better accessibility to home loans. Read more on this change!

The Difference Between Pre-Approval & Pre-Qualification

Real estate agents often suggest to buyers that they become “pre-approved” or “pre-qualified” before beginning the home search process. While these mortgage terms sound similar, they carry very different meanings. Learn more about the difference between pre-approval and pre-qualification!

Cities Leading the Hot Housing Market

The most recent edition of S&P CoreLogic Case-Shiller Home Price Index reported a 18.6% annual gain in home prices in June, up from 16.8% in May. This marks the third consecutive month of record growth across the U.S. in the 30-year history of the index. Find out which cities have recorded the largest gains!

Is there anything that The Sharpe Mortgage Team can do for you this week? If you’re interested in purchasing a home or refinancing your current home in Winston Salem or the surrounding areas, give us a call! We can discuss your financial goals and discuss a loan program that might be right for you.